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The price of Synthetix (SNX) dropped a fair amount from its daily high of $2.90 over the past few hours according to CoinMarketCap. As a result, the crypto was trading hands at $2.73 at press time, which was an estimated hourly drop of 3.05%. Despite this latest drop in SNX’s price, the altcoin was still up more than 2% over the past 24 hours.
SNX’s positive performance against the two market leaders Bitcoin (BTC) and Ethereum (ETH) remained intact as well. At press time, the crypto was up 2.49% against BTC and was up more than 3% against the largest altcoin by market cap, ETH. As a result, 1 SNX was worth 0.00009029 BTC and 0.001418 ETH.
If this sell off continues, SNX may be at risk of testing its 24-hour low of $2.66 before the close of today’s trading session. Meanwhile, its daily trading volume was also down 68.22% at press time, as the total stood slightly above $126 million.
The price of SNX dropped below multiple support levels over the past 2 hours, as the altcoin’s latest selloff saw it lose the support of $2.787 and $2.741 during this period. Furthermore, the crypto continued to trade below these two major price points at press time.
The hourly close below $2.741 may result in SNX’s price continuing its decline to potentially retest the next crucial support level at $2.687 within the next 4 hours. However, the previous hourly candle had formed into a bullish candlestick pattern known as a shooting star candlestick. If validated, this candlestick could lead to SNX reclaiming the $2.687 support.
Continued buy pressure could elevate the altcoin’s price to above the aforementioned $2.741 mark as well within the next 24 hours. On the other hand, a break below $2.687 may be followed by SNX dropping to $2.645.
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